ChemChina-led group buys Germany's KraussMaffei for $1 billion in record dealHONG KONG/LONDON (Reuters) - The biggest-ever Chinese acquisition of a German company was announced on Monday, with a consortium led by state-owned China National Chemical Corp (ChemChina) buying industrial machinery maker KraussMaffei Group for about $1 billion. The deal is the latest example in recent years of deep-pocketed Chinese companies seeking to gain the technological expertise, distribution networks and branding of Western firms, often built up over several decades. It also comes at a time when China’s weakening currency is encouraging companies from the country to shift investments overseas, which is expected to drive more dealmaking this year. The ChemChina-led consortium, which also includes Guoxin International Investment Corp and private equity firm AGIC Capital, has agreed to buy KraussMaffei from Canada’s Onex Corp for 925 million euros, AGIC and Onex said, confirming a Reuters report on Jan 7.

https://www.kraussmaffei.com/rpm-en/pre ... esult.html(Munich, March 20, 2018) – The KraussMaffei Group remains on track for success and growth. In 2017 the company once again achieved excellent results, strengthening its foundation for future global growth. Demand for new technologies and services, and powerful impulses from China are creating the conditions for continued strong performance.Record result for KraussMaffei in 2017 In 2017, revenue for the KraussMaffei Group increased 8 percent to €1.37 billion. Growth in new orders, at 6 percent, was also solid. “We are very happy with our performance last year,” says Dr. Frank Stieler, CEO of the KraussMaffei Group. “We succeeded in beating the record we achieved in 2016 for both revenue and new orders. Improved access to the Chinese market thanks to our owner ChemChina played an important part in this. Our products in the injection molding and reaction process technology segments in particular benefited greatly from growing Chinese demand. We intend to adapt our product series more to take account of regional requirements.”